enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
8 INVESTMENTS IN ASSOCIATES (continued)
(b)
THE COMPANY
2011 2010
Rs’000 Rs’000
Fair value
At July 1, 160,314 177,765
Additions 3,500 -
Transfer to investment in subsidiary companies (70,345) -
Fair value adjustments (28,306) (17,451)
At June 30, 65,163 160,314
(c)
The fair values of the investments in associated companies at June 30, 2011 were determined by
Ernst & Young using a combination of adjusted net assets, capitalised earnings and recent transaction
value.
9 INVESTMENTS IN FINANCIAL ASSETS
(a)
The movement in investments in financial assets may be summarised as follows:
THE GROUP
THE COMPANY
2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000
At July 1, 835,286 872,285 826,550 863,549
Acquisition through business combination 19,416 - - -
Additions 17,018 - 17,018 -
Disposal (66) - - -
Fair value adjustments (163,696) (36,999) (163,696) (36,999)
Transfer to non-current assets
classified as held for sale (note 15) (679,872) - (679,872) -
At June 30, 28,086 835,286 - 826,550
Made up of investments in:
Fellow subsidiaries - 690,731 - 690,731
Others 28,086 144,555 - 135,819
28,086 835,286 - 826,550
(b) At June 30, 2011
Level 1 Level 2 Level 3 Total
Rs’000 Rs’000 Rs’000 Rs’000
The group - - 28,086 28,086
The company - - - -
At June 30, 2010 Level 1 Level 2 Level 3 Total
Rs’000 Rs’000 Rs’000 Rs’000
The group 135,819 - 699,467 835,286
The company 135,819 - 690,731 826,550
Investments included in level 1 comprise of some quoted equity investments valued at their closing
market prices. If all significant inputs required to fair value an investment are observable, the instrument
is included in level 2. If one or more of the significant inputs are not based on observable market data,
the investment is included in level 3. Further information is presented in note 3.2.
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ENL Commercial Limited
Annual Report 2011